Posts tagged Federation of African Canadian Economics (F.A.C.E)

The call for applications for the much-anticipated loans program for Black businesses and entrepreneurs is finally out. On Monday, May 31, Prime Minister Justin Trudeau joined a line-up of Black parliamentarians along with banking officials and community representatives to announce that up to $291,3 million will be made available in two phases to existing businesses as well as start-ups in the community. Applications will be handled by the Federation of African Canadian Economics (F.A.C.E,) an umbrella organization trusted with the responsibilities of managing the loan fund. Black business owners and aspiring entrepreneurs across Canada can borrow from $25,000 up to …

When, last year, the Trudeau government announced a $221 million investment in its Black Entrepreneurship Program (BEP,) it represented a significant sift after successive Canada governments have been ignoring the plight of Black entrepreneurs for decades. Black business owners and aspiring entrepreneurs across the country were rightfully excited by the announcement given their historic challenges in accessing financing for their businesses. And many have had their eyes set on the Entrepreneurship Loan Fund segment of the BEP, described as a partnership between the Government of Canada, Black-led business organizations, and several financial institutions. It promises up to $250,000 in loans …